Coach will pay Kate Spade shareholders $18.50 a share in cash. That represents a 28% premium to Kate's closing price as of Dec. 27, the last trading day before a Wall Street Journal report that Kate was exploring a sale of the company after coming under pressure from an activist shareholder. The company confirmed it was reviewing such options in February.

We should be careful not to be the 'activist investor' that Dr. M mentioned in his last conference - as while we may think we're doing good, I think the other people whose job it is to get the drug to market have a better handle on the situation...